Check my wo Exercise 17-35 (Algo) Profit Variance Analysis, Service Organization (LO 17-6) K&B is a small management consulting firm. Last month, the firm billed fewer hours than expected, and, as expected, profits were lower than anticipated. Billable hours Revenue Professional salaries (all variable) Other variable costs (eg, supplies, computer services) Fixed costs Profit Reported Income Statement 7,300 $680,000 345,000 99,000 210,eee $ 26,800 Master Budget 9,500 $820,000 405,000 121,000 202,000 $ 92,000 These are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g. slack periods, time in training sessions) and because some time worked for clients is not charged to them "These are hours billed to clients. They are fewer than the number of hours worked because there is nonbillable time (e.g., slack periods, time in training sessions) and because some time worked for clients is not charged to them. Required: Prepare a profit variance analysis for K&B. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Enter your answers rounded to the nearest whole dollar.) Actual 17.300 hrs. Cost Variances rice Variances Flexible Budget (7,300 hrs.) Sales Activity Variance Bu (9,50 $ Revenue Professional salaries Other variable costs Fixed costs Pret 680,000 345,000 99,000 210.000 20.000 S either option. Enter your answers Flexible Budget (7,300 hrs.) Sales Activity Variance Master Budget (9,500 hrs.) $ 820,000 405,000 121,000 202,000 92,000 MAMMA S